(a) If, upon inspection of residential property required by Section 1419.03, it should be determined that the property is abandoned, the bank, lender, other financial institution or its responsible agent or servicing company, shall register the property in the name of the lien holder with the City on a form prescribed by the City that includes, but is not limited to, information identifying the location of the property, the last known owner or owners of the property, the date foreclosure proceedings were commenced and the docket number of the foreclosure action, a description of the external condition of the property and whether there is an accessible structure on the property. Registration information shall identify the agent or servicing company, if any, that is authorized by the lien holder to enter upon the property and to conduct repairs or maintenance as required in Section 1419.05.
(b) Registration of abandoned property shall be made within 5 working days of inspection. The fee for registration of abandoned residential property is $75.00. If it should appear that the registration is filed 6 or more days after the inspection, an additional late fee of $25.00 will be charged. The registration shall be valid from the date the registration form is completed and filed with the City if the registration fee is received by the City within 7 days of receipt of the registration form. If the registration fee is not received within 7 days of receipt of the registration form, an additional late fee of $25.00 will be charged.
(c) The registration will be dissolved and considered void upon receipt by the City of written evidence of a sale in foreclosure, redemption of the property by the lien holder or other transfer of the lien holder's interest. (Ord. 1745-09. Passed 9-24-09.)